Newmont Waihi Gold Secures $1-Billion in Funding for Underground Mine
Newmont Waihi Gold, a wholly owned subsidiary of Newmont Mining Corporation, has obtained $1-billion in funding for the new Correnso underground mine in the city of Waihi. The mine is expected to be up and running by the end of the year.
The mining company completed construction of the access tunnel in April and now plans to confirm the extent and grade of the gold deposit below.
The gold mine, which is the first of its kind, is located directly below a residential area of 45 homes. The controversial project was given consent by the Environment Court last year to proceed as well as providing a 12-year mining permit.
Commissioners appointed by Hauraki District Council to oversee the project and land use released their decision in early May.
"The top of the Correnso ore body is approximately 130m below the land surface but the current proposal has the top of the mine workings at 157m below the surface," the decision stated.
"The ore body extends to 430m below the surface, with the majority of the proposed mining to take place at a depth of 270m to 350m below the surface.
"The mine will be accessed by drives and a spiral decline from the existing Trio mine and Favona mine workings."
"The surface access point will be the existing Favona mine portal located near the processing plant."
Despite homeowners in the area appealing the court’s consent, Newmont Waihi Gold plans to proceed according to plan.
Newmont currently operates three mines in Waihi, New Zealand including: the Martha, Favona and Trio.
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.